We've heard so much about interest rates. What do they mean for Home Sellers & Buyers today?

We’ve heard SO much talk about higher interest rates this year.  And, they are higher than recent years.  What does this mean for Home Buyers & Sellers?

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Well, Buyers will expect a higher monthly payment for a mortgage.  As you plan your budget, make sure you consider things like the loan payment, your annual home insurance costs, property taxes, utility bills, and the costs that come with home maintenance and upkeep.  The cost of a home that you can comfortably afford is going to be different than it was 2-3 years ago.

That being said, look at the equity that you’ve gained in your current home.  Consider finding a home in a slightly different location that may have slightly lower market prices.  Maybe choose a home that needs a few updates that you can make over time versus a move-in ready luxury home.  Your dream of a new home is still very achievable with higher interest rates.

What do higher rates mean for Sellers?

The higher rates have impacted the # of Buyers that are willing or able to pay the premium for your home.  Your home may be on the market for sale for weeks instead of days to find the right buyer.

You may also have a current mortgage rate that is in the 3-4% range and are hesitant to let go of that rate.  This is totally understandable.  Remember to look at the whole picture as you make a decision to move.  You likely have a significant amount more equity than a few years ago. 

Also, if you need to Sell your home in order to buy your next one, the market isn’t as fast and crazy as it was.  We are seeing more Home Sale contingencies and trends toward a more “normal” market. 

Talking through your situation and goals can be super helpful.  We see and live this stuff everyday, so always feel free to reach out if you want to bounce ideas off of us or get an opinion on your situation.

Freedom Team Real Estate Agents (Kyle Meyer, Lauren Nobbe, Valerie Bohn) serving Appleton, Neenah, Oshkosh, Fond du lac and surrounding areas in Wisconsin.  Check us out at www.joinfreedomteam.com or by contacting Kyle or Lauren at 920-410-7230 or Valerie at 920-232-8683.

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